Plan For Hidden Costs
It's important to dream, but before you get far into the planning process, be sure you know how much you can safely spend. Don't depend on the advice of friends or family. Talk to your banker, accountant or financial adviser. If you have not yet purchased a lot for your new home, talk with Realtors to get a rough estimate of land costs. Although there may be exceptions to this rule, in general expect that 20 to 25 percent of your new home project will go toward the land.
As you plan your budget, don't forget the hidden expenses. You are likely to run into a bundle of costs which aren't included in the building contract. These may include:
- Telephone and cable TV connections
- Refrigerator, stove and laundry appliances
- Furniture (Chances are you'll want many new items for your new home)
- Curtains and window shades
- Carpets
- Flowers, shrubs and trees
- Utility costs
- Yard care
- Maintenance
- Taxes
More Information:
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